254FOREST
ActiveSummary
254FOREST has been active since 2011 and the Belgian State Gazette contains no insolvency or warning signals. The 2025 annual accounts show equity of €2.0m and a net result of -€233,202. Equity is growing by ~23.7% per year across the filed fiscal years. Its solvency ranks better than 65% of 3505 sector peers (fiscal year 2025). The computed 12-month bankruptcy probability is 0.3% (very low).
Checked score
Score 2025
Axes · tick = 2024
Profitability9▼-59
Solvency91=
Growth52▼-26
Track record100
Bankruptcy probability, 12 months
0.3%
Very low
0%0.5%1.5%4%10%≥ 25%
Credit up to €120,000 at 30 days acceptable
Liquidity short (current ratio 0.52 against 2.16 in 2024; short-term debt: 3.1% and cash: 0.6% of total assets), and 34.5% of the assets are financed with debt.
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Signals
Six signals. The signal on the left, the evidence on the right.
−lowers risk+raises risk○neutral
lowers risk · Lower-failure-rate sector
In this sector companies fail less often than the Belgian average.
Gazette · bankruptcies per sector, NACE 74
Relative position
BE, all sectors
reference
Other professional, scientific and technical activities (NACE 74)
about 48% fewer bankruptcies
← fewer bankruptcies
more bankruptcies →
lowers risk · Long track record
A company with a long track record statistically fails less often than a young one.
KBO · incorporation dateAge against the risk zone
lowers risk · Annual accounts: healthy financial profile
The latest annual accounts show a healthy profile in solvency, result and liquidity.
NBB · annual accounts 2025Solvency, return and age of the figures
Solvency
65.5%
Return on assets
-7.6%
Age of the figures
9 mo
raises risk · Persistent losses
Two consecutive loss-making years (2024 and 2025); equity is also lower. May indicate structural pressure on profitability.
NBB · annual accounts 2025Net result per financial year
1819202122232425
2018 to 2025 · latest year -€233,202
neutral · Filed after the deadline
The financial year that closed on 31-12-2025 was due by 31-07-2026 and was filed on 31-08-2026, 31 days later. For context: 47% of the Belgian market files late and the whole 1-to-90-day band measures 2.0% abnormal legal state against a 1.66% average. We show this as a fact and do not score it.
NBB · 10 filingsDeviation from the deadline
2025
31 d late
2024
23 d late
2023
69 d late
2022
32 d late
2021
31 d late
2020
17 d early
2019
20 d late
← before the deadline
after the deadline →
tick = median of all Belgian filingsring = median in the sector
This company filed its last 7 accounts on average 27 days after the deadline; the sector median for financial year 2024 is 3 days before the deadline, and 38% of the sector filed late.
Checked, nothing found (2)
neutral · The next deadline is still running
The next financial year closes on 31-12-2026 and is due by 31-07-2027. Nothing is late today.
Companies Code · seven monthsPosition in the running window
27-09-2026 today31-12-2026 close31-07-2027 deadline
History
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Financials · fiscal year 2025, micro schema
In the rankings
#3 company by equity in Walloon Brabant, Other professional activities sector#4 company by total assets in Walloon Brabant, Other professional activities sector
Equity
€2.0m▼ 10.4%
2024 · €2.3m
Total assets
€3.1m▼ 9.1%
2024 · €3.4m
Net result
-€233,202▼ 1,415%
2024 · -€15,390
Working capital
-€45,286
2024 · €122,097
Trend over the years
Click a name to add, emphasise or remove a line.Band: the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings. Dashed line: the median.
Every figure with its change against the fiscal year before
favourable
unfavourable
Line20212022202320242025
Operating result€67,932€92,662▲ 36.4%€15,927▼ 82.8%-€5,986-€224,554▼ 3,651%
Net result€56,921above the sector's middle half€80,674above the sector's middle half▲ 41.7%€4,277within the sector's middle half▼ 94.7%-€15,390below the sector's middle half-€233,202below the sector's middle half▼ 1,415%
Equity€579,628above the sector's middle half▲ 10.9%€2.3mabove the sector's middle half▲ 290%€2.3mabove the sector's middle half▲ 0.2%€2.3mabove the sector's middle half▼ 0.7%€2.0mabove the sector's middle half▼ 10.4%
Total assets€2.0mabove the sector's middle half▲ 0.9%€3.6mabove the sector's middle half▲ 85.9%€3.6mabove the sector's middle half▼ 0.7%€3.4mabove the sector's middle half▼ 6.2%€3.1mabove the sector's middle half▼ 9.1%
Debt€1.4m▼ 2.8%€1.4m=€1.3m▼ 2.2%€1.1m▼ 15.5%€1.1m▼ 6.7%
Working capital€75,086▲ 117%€161,222▲ 115%€130,377▼ 19.1%€122,097▼ 6.4%-€45,286
Solvency29.6%within the sector's middle half▲ 2.7pp62.1%within the sector's middle half▲ 32.5pp62.7%within the sector's middle half▲ 0.6pp66.4%within the sector's middle half▲ 3.7pp65.5%within the sector's middle half▼ 0.9pp
above
within
below
the middle half (P25 to P75) of NACE 74, Other professional, scientific and technical activities, each year against the same schema; no band under 30 filings.
Turnover and EBIT margin not published: the micro schema does not require them.
Result per fiscal year
Operating resultNet result
The operating result stays negative: a loss of €224,554 in 2025 against €5,986 in 2024; the loss grows and 2025 has the lowest result in the available series.
Balance-sheet composition
2025 in colour, 2024 as the grey bar beneath
Assets €3.1m
Fixed assets
€3.0m ▼ 4.2%
Current assets
€49,167 ▼ 78.4%
Equity and liabilities €3.1m
Equity
€2.0m ▼ 10.4%
Debt
€1.1m ▼ 6.7%
Debt's share of the balance-sheet total rises from 33.6% to 34.5%. Equity and debt are lower.
Key figures and ratios
EBITDA
-€95,957▼
2024 · €130,079
Cash flow
-€104,605▼
2024 · €120,676
Current ratio
0.52▼
2024 · 2.16
Debt to equity
0.53▲
2024 · 0.51
ROE
-11.6%▼
2024 · -0.7%
ROA
-7.6%▼
2024 · -0.5%
Interest coverage
-11.24▼
2024 · 13.72
Debt ≤ 1 year
€94,453▼
2024 · €105,140
Debt > 1 year
€967,574▼
2024 · €1.0m
Income taxes
€113▼
2024 · €186
Staff costs
€53,527▼
2024 · €93,491
Green means a favourable move, even when the figure itself falls: as with debt or debt to equity.
Peer companies
Historical observationOf the 2,685 companies that looked in July 2024 the way this one looks now, 0.5% went bankrupt within 24 months and 94% are still going.
- Small
- 10 to 20 years old
- solvency 30% or more
- a small loss
0.5%
went bankrupt
5.5%
stopped otherwise
94%
still going
A further 0.4% stopped, but we cannot tell whether within those 24 months.
For this company itself Checked computes a bankruptcy probability of 0.3% over twelve months; the group does not contradict it.
How reliable is this rule?
Tested on the year before, without using that year itself: the groups of July 2023 gave each of the 497,058 companies of July 2024 its group's bankruptcy share. Expected: 1.5%; actually bankrupt within 24 months: 1.6%.
| Group | Expected | Actual |
|---|---|---|
| 1 | 0.2% | 0.2% |
| 2 | 0.3% | 0.4% |
| 3 | 0.5% | 0.5% |
| 4 | 0.6% | 0.7% |
| 5 | 0.8% | 0.9% |
| 6 | 1.2% | 1.3% |
| 7 | 1.5% | 1.6% |
| 8 | 1.7% | 1.7% |
| 9 | 2.7% | 2.8% |
| 10 | 5.3% | 5.7% |
The rule ranks well: a company that went bankrupt got a higher share than one that kept going in 74% of comparisons. The level follows the economy: in a year with more bankruptcies, the actual share is higher than the year before.
An observation about 2,685 comparable companies, not a prediction for this company. The sector does not count: the register keeps no sector for companies that stopped, so it would make the outcome look better than it was.
Annual accounts
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Non-recurring operating income76A | - | €1,263 | €1,718 | €8,647 | €429 | ▼ 95.0% |
| Remuneration, social security and pensions62 | €34,249 | €73,252 | €59,614 | €93,491 | €53,527 | ▼ 42.7% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets630 | €69,598 | €130,782 | €134,777 | €136,066 | €128,597 | ▼ 5.5% |
| Other operating charges640/8 | €50,419 | €148,515 | €118,228 | €28,241 | €13,296 | ▼ 52.9% |
| Non-recurring operating charges66A | €2,313 | €4,281 | €2,284 | €26,136 | €617 | ▼ 97.6% |
| Gross operating margin9900 | €224,511 | €449,492 | €330,830 | €277,948 | -€28,516 | ▼ 110% |
| Operating profit (loss)9901 | €67,932 | €92,662 | €15,927 | -€5,986 | -€224,554 | ▼ 3,651% |
| Financial income75/76B | €2 | €119 | €165 | €266 | €0 | ▼ 100% |
| Recurring financial income75 | €2 | €119 | €165 | €266 | €0 | ▼ 100% |
| Financial charges65/66B | €10,846 | €11,967 | €11,650 | €9,484 | €8,535 | ▼ 10.0% |
| Recurring financial charges65 | €10,846 | €11,967 | €11,650 | €9,484 | €8,535 | ▼ 10.0% |
| Profit (loss) for the period before taxes9903 | €57,088 | €80,814 | €4,441 | -€15,204 | -€233,089 | ▼ 1,433% |
| Income taxes67/77 | €166 | €140 | €164 | €186 | €113 | ▼ 39.3% |
| Profit (loss) for the period9904 | €56,921 | €80,674 | €4,277 | -€15,390 | -€233,202 | ▼ 1,415% |
| Profit (loss) for the period to be appropriated9905 | €56,921 | €80,674 | €4,277 | -€15,390 | -€233,202 | ▼ 1,415% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Assets | ||||||
| Total assets20/58 | €2.0m | €3.6m | €3.6m | €3.4m | €3.1m | ▼ 9.1% |
| Fixed assets21/28 | €1.8m | €3.3m | €3.3m | €3.2m | €3.0m | ▼ 4.2% |
| Tangible fixed assets22/27 | €1.8m | €3.3m | €3.3m | €3.2m | €3.0m | ▼ 4.2% |
| Land and buildings22 | €1.8m | €3.3m | €3.2m | €3.1m | €3.0m | ▼ 3.9% |
| Plant, machinery and equipment23 | €3,509 | €14,542 | €9,193 | €2,027 | €70 | ▼ 96.5% |
| Furniture and vehicles24 | €1,045 | €10,536 | €47,480 | €44,296 | €39,605 | ▼ 10.6% |
| Other tangible fixed assets26 | €14,799 | €13,138 | €17,900 | €15,555 | €13,210 | ▼ 15.1% |
| Current assets29/58 | €154,603 | €294,471 | €331,044 | €227,237 | €49,167 | ▼ 78.4% |
| Amounts receivable within one year40/41 | €108,170 | €111,795 | €191,192 | €86,564 | €29,127 | ▼ 66.4% |
| Trade receivables40 | €101,903 | €101,528 | €176,642 | €58,034 | €8,266 | ▼ 85.8% |
| Other amounts receivable41 | €6,267 | €10,267 | €14,550 | €28,530 | €20,861 | ▼ 26.9% |
| Cash at bank and in hand54/58 | €45,009 | €179,145 | €135,500 | €137,333 | €19,934 | ▼ 85.5% |
| Deferred charges and accrued income490/1 | €1,425 | €3,532 | €4,352 | €3,340 | €105 | ▼ 96.9% |
| Equity and liabilities | ||||||
| Total equity and liabilities10/49 | €2.0m | €3.6m | €3.6m | €3.4m | €3.1m | ▼ 9.1% |
| Equity10/15 | €579,628 | €2.3m | €2.3m | €2.3m | €2.0m | ▼ 10.4% |
| Contributions10/11 | €930,685 | €930,685 | €930,685 | €930,685 | €930,685 | = |
| Revaluation surpluses12 | - | €1.5m | €1.5m | €1.4m | €1.3m | ▼ 4.8% |
| Reserves13 | €5,840 | €67,427 | €67,427 | €190,601 | €258,188 | ▲ 35.5% |
| Non-distributable reserves130/1 | €1,369 | €1,369 | €1,369 | €1,369 | €1,369 | = |
| Reserves not available under the articles1311 | €1,369 | €1,369 | €1,369 | €1,369 | €1,369 | = |
| Tax-exempt reserves132 | €4,470 | €4,470 | €4,470 | €4,470 | €4,470 | = |
| Distributable reserves133 | - | €61,587 | €61,587 | €184,761 | €252,348 | ▲ 36.6% |
| Profit (loss) carried forward14 | -€356,897 | -€276,223 | -€271,946 | -€287,336 | -€520,538 | ▼ 81.2% |
| Amounts payable17/49 | €1.4m | €1.4m | €1.3m | €1.1m | €1.1m | ▼ 6.7% |
| Amounts payable after more than one year17 | €1.3m | €1.2m | €1.1m | €1.0m | €967,574 | ▼ 6.0% |
| Financial debts170/4 | €511,116 | €509,011 | €457,542 | €412,715 | €367,050 | ▼ 11.1% |
| Other amounts payable178/9 | €787,221 | €735,486 | €678,563 | €616,279 | €600,525 | ▼ 2.6% |
| Amounts payable within one year42/48 | €79,517 | €133,249 | €200,666 | €105,140 | €94,453 | ▼ 10.2% |
| Current portion of amounts payable after more than one year42 | €37,014 | €37,673 | €44,945 | €44,826 | €45,666 | ▲ 1.9% |
| Trade debts44 | €20,501 | €71,098 | €137,000 | €31,667 | €3,971 | ▼ 87.5% |
| Suppliers440/4 | €20,501 | €71,098 | €137,000 | €31,667 | €3,971 | ▼ 87.5% |
| Taxes, remuneration and social security45 | €22,002 | €24,479 | €17,486 | €12,321 | €1,737 | ▼ 85.9% |
| Taxes450/3 | €15,163 | €15,484 | €10,907 | €10,255 | €257 | ▼ 97.5% |
| Remuneration and social security454/9 | €6,839 | €8,995 | €6,579 | €2,066 | €1,479 | ▼ 28.4% |
| Other amounts payable47/48 | - | - | €1,235 | €16,326 | €43,079 | ▲ 164% |
| Accrued charges and deferred income492/3 | - | - | €10,382 | €4,165 | €0 | ▼ 100% |
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Change |
|---|---|---|---|---|---|---|
| Profit (loss) for the period9904 | €56,921 | €80,674 | €4,277 | -€15,390 | -€233,202 | ▼ 1,415% |
| + Depreciation and write-downs630 | €69,598 | €130,782 | €134,777 | €136,066 | €128,597 | ▼ 5.5% |
| Operating cash flow (approximation) | €126,519 | €211,455 | €139,054 | €120,676 | -€104,605 | ▼ 187% |
| Investment in fixed assets (approximation) | - | -€1.7m | -€71,887 | -€15,630 | €2,807 | ▲ 118% |
| Change in cash | - | €134,136 | -€43,645 | €1,833 | -€117,399 | ▼ 6,504% |
Simplified and derived: a Belgian filing has no cash-flow statement, so these rows come from the income statement and the balance-sheet moves.
Timeline · acts, filings and financial milestones
Next filing, fiscal year 2026, expected by
2026
31-08
NBB filing
Annual accounts filed
fiscal year 2025 · micro schema · 31 days late
2025
31-12
Financial
Weakest financial yearnet -€233,202
Net result drops to -€233,202, the lowest in the series.
23-08
NBB filing
Annual accounts filed
fiscal year 2024 · micro schema · 23 days late
2024
08-10
NBB filing
Annual accounts filed
fiscal year 2023 · micro schema · 69 days late
2023
01-09
NBB filing
Annual accounts filed
fiscal year 2022 · micro schema · 32 days late
2022
31-12
Financial
Highest result since 2018net €80,674 ▲41.7%
Operating result €92,662, net result €80,674, both a record.
31-12
Financial
Equity above €2mEq €2.3m ▲290%
2 profitable years in a row build equity to €2.3m.
31-08
NBB filing
Annual accounts filed
fiscal year 2021 · micro schema · 31 days late
2021
31-12
Financial
Back to profitnet €56,921
Net result €56,921 after 3 loss-making years.
14-07
NBB filing
Annual accounts filed
fiscal year 2020 · micro schema
2020
20-08
NBB filing
Annual accounts filed
fiscal year 2019 · micro schema · 20 days late
2019
23-08
NBB filing
Annual accounts filed
fiscal year 2018 · micro schema · 23 days late
2018
24-08
NBB filing
Annual accounts filed
fiscal year 2017 · micro schema · 24 days late
2017
30-08
NBB filing
Annual accounts filed
fiscal year 2016 · micro schema · 30 days late
Financial milestoneNBB filingFinancial milestones sit on the fiscal year-end date, not the filing date.
0 of 7 acts read
About the unread acts
We know of 7 Belgian State Gazette acts for this company. None of them has been read yet: what they contain is neither established nor disproved here.
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Directors · office · real estate
Directors
7 acts for this company are in the Belgian State Gazette, of which we have read 0. We have therefore not extracted its directors from those acts yet.
Location & real-estate footprint
Registered office, Court-Saint-Etienne · 1 establishment unit since 2011
Ground area
604 m²
Building footprint
313 m²
Volume, LiDAR
4,016 m³
2 parcels, Brussels, Wallonia · tallest building 19.4 m, ±6 floors. Linked by address, not a title deed.
1 establishment unit
254FOREST
since 20112.202.393.215
2 parcels
Wallonia
1
(50%)
Brussels
1
(50%)
| Parcel (capakey) | Region | Area | Buildings | Height / fl. |
|---|---|---|---|---|
| 25023A0663/00M003 | Wallonia | 364 m² | 1 · 73 m² | 9.2 m · 3 fl. |
| 21562A0228/00H004 | Brussels | 241 m² | 1 · 240 m² | 19.4 m · 6 fl. |
Linked by address, not proof of ownership
Good to know
2 of 2 parcels with an exact address match; the rest are indicative.
Linked through address data, this is not proof of ownership.
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Of 14,138 companies in sector 74201 we hold annual accounts for 2,611. 977 are within a factor 10 of this equity. The 5 above are the closest to it. See the whole sector
Identification & contact
Identification
Legal formPrivate limited company
Founded20-09-2011
Fiscal year end31-12
Activities, NACEBEL 2025
74201Photography, excluding press photography
59130Motion picture, video and television programme production, sound recording and music publishing activities
73110Advertising agencies
73300Public relations and communication consultancy
74202Other professional, scientific and technical activities
74209Other photographic activities
E-invoicing
Reachable via Peppol
Peppol ID
0208:0839428397
Also
9925:BE0839428397
Registered
12-11-2025
Register as of 27 September 2026 · Peppol Directory
Scores and ratios are computed by Checked and are not a credit decision.